SOL struggles to find the bright side

It was a dark day in the world of Solana on Monday, with the collapse of FTX causing the token to break records (and not the good kind).

SOL managed to reach its lowest levels since March 2021, with the token plummeting by almost 60% last week – currently at a price of just $14.60. It’s a far cry from its all-time high of $267 reached this time last year.

The drop is mostly being caused by the blockchain’s close ties to FTX and Alameda, which (unless you’ve been living under a rock) you might have heard are not doing so hot recently. The Solana foundation reportedly held millions in FTX stock and FTT tokens.

Alameda was also a substantial investor in the Solana ecosystem, having purchased a staggering 50.5m SOL from the foundation, which even at its current valuation is still worth $708m. Solana founder, Anatoly Yakovenko, however maintains they are “unaffected” by the FTX collapse.